Afternoon everyone…

Silver has breached the $44 an ounce mark and held it at closing yesterday. Gold is setting all time highs pretty much every day now as well.

Usually when the FED cuts interest rates both gold and silver take a fall. Well that only happened for one day after that announcement. They have both been tearing it up since then. Silver had a one day increase of nearly $1.25 last week.

These numbers can’t be ignored. Why? Because even JP Morgan gave up at the moment. They were throwing paper contracts at it with absolutely no results on the spot price at all. They were losing money like crazy on them. So they gave up. For the moment anyway.

Because their silver holdings are required to be reported. There are varying estimates on exactly how much physical silver JP Morgan actually holds. The lowest reported number from 2019 had them at 161 million ounces. Then there are reports as high as over 650 million ounces of silver from a few sources from 2024. Just an FYI, if that last number is accurate. JP Morgan owns 28.6 billion dollars in physical silver.

So what exactly does this mean going forward……

I have no idea at this point. But what I will say is even though the silver price is climbing rather nicely. It truly has not started running yet. Meaning no spike. When silver has gone on a run the past three times. It has had a string of one day increases of over $2,$3 and even $5 on one trading day. If silver does make a run $60-$80 silver per ounce is by no means out of the question.

Got metals…..

HELL YEAH I DO!!!!